INTER VE BACK NEXT Exercise 218-1 on January 1, 2017, Sheridan Corporation signed a 5 year noncancelable lease for a machine. The terms of the lease called for Sheridan to make annual payments of $9,110 at the beginning of each year, starting lansary 1, 2017. The machine has an estimated useful life of 6 years and a $5,000 unguaranteed residual value. The machine reverts back to the lessor at the end of the lease term Sheridan uses the straight line method of depreciation for all of its plant assets. Sheridan's incremental borrowing rate is 9% and the l implot rate is unkenown. bles Compute the present value of the minimum lease payments. (Round present value factor calculations to S decimal places,e.g.1.25124 and the final answer to O decimal places e.g. 58,971.) The present value of the minimum lease payments now LiS Prepare all necessary journal entries for Sheridan for this lease through January 1, 2018. (Credit account titles are indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts Round answers to enter O for the amounts. Round answers to O decimal places . 58 971 Date Account Titles and Explanation Credit